Research On The Operation Mode Of Regional Equity Market

The regional equity market is the cornerstone of the multi-level capital market in China,which plays an important role in cultivating and regulating corporate governance,broadening the financing channels,promoting the development of regional economy and so on.Due to the late start of China's capital market and its structural defects in the first 20 years of development,therefore,the establishment and improvement of China's multi-level capital market system more and more attention.As an important part of the multi-level capital market,the regional equity market is the focus of the current capital market construction in China.Hunan Stock Exchange since its inception in December 2010,has gradually formed its own characteristics in the process of exploration.Hunan is now the active use of its geographical advantages and policy advantages,to build small and micro enterprises in Hunan comprehensive financial services platform to provide listing hosting,investment and financing services,training and consulting,equity trading services.At present,the market size of the regional equity market ranked eighth in the country,the size of the top three financing.Therefore,the analysis of its operation model has reference significance for other regional equity market.This paper adopts the comparative analysis and case study method of combining the literature review of domestic and foreign scholars,introduces the operation mode of the current development of domestic regional equity markets as well as Qianhai,Shandong,Tianjin,between Guangxi and other areas of regional equity exchange and the Hunan stock exchange;operation mode and from the organization mode,business model,market access mode,financing mode.Eight aspects of pricing model,model of market structure,transaction pricing mode and supervision mode of Hunan stock exchange operation mode to conduct a comprehensive analysis,and according to the Hunan stock exchange by considering the existing problems and puts forward the market development,improve the back-end fees listing service,follow up to comprehensive and professional services as the two major development direction the suggestions;finally introduces the Hunan stock exchange operation mode of the enlightenment and reference significance.Internet banking is the product of the rapid development of China's economy,it reduces the financial market participation threshold,make market participants more popular,so the regional stock exchange to be grafted Internet banking,the Internet to build a comprehensive financial services platform;regional stock exchange as a credible trading platform,is not suitable for direct participation in concrete product design,sales and customer service business,so the need to create new impetus,accelerate the formation of each subsidiary;regional equity trading should actively use the location advantage and policy advantages,precise positioning,service in the area of small and micro enterprises;finally,regional equity exchange should run through the market mechanism,help to achieve the survival of the fittest.